Invesco Ltd IVZ

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 27.76 USD on Nov 1, 2026, +8.1% year to date

Quant rating

Quant rating B Rank 158 of 799 in Financials

Growth B 302 of 799
Valuation C 411 of 799
Quality B 176 of 799
Revisions A 78 of 799
Momentum C 462 of 799

Wall Street consensus Hold (2.53)Average target 35.46 USD +27.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 12.2B
Enterprise value: 25.1B
52-week range: 21.83 – 33.65
3-year range: 12.14 – 33.65
Dividend yield: 3.10%
Beta (5 years): 1.66
Shares outstanding: 440M
Next earnings: Jan 27, 2027

About the company

Invesco Ltd. is a global asset management firm serving clients in more than 120 countries. The Company delivers a comprehensive range of investment capabilities across public, private, active, and passive. It offers a range of investment strategies across asset classes, investment styles, and geographies. Its asset classes include equity, fixed income, balanced, alternatives and money market. Its retail assets under management include exchange-traded funds, separately managed accounts, individual savings accounts, investment companies with variable capital, investment trusts, open-end mutual funds, unit investment trusts, and variable insurance funds. Its institutional assets include institutional separate accounts, private funds, open-end mutual funds, and collective trust funds. Its client base includes public and private entities, unions, non-profit organizations, endowments, foundations, financial institutions, and sovereign wealth funds.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	6,377	6,067	5,716	6,049	6,894	–
Revenue growth	5.1%	6.1%	−5.5%	−12.3%	12.2%	0.7%
EPS (basic, normalized)	2.03	1.71	1.51	1.68	3.09	–
EPS growth	18.7%	13.2%	−10.1%	−45.6%	–	–
Gross margin	66.6%	66.6%	68.1%	68.8%	68.8%	67.8%
Net margin	−11.4%	8.9%	−5.8%	11.3%	20.2%	4.6%
ROE	6.9%	5.4%	4.2%	5.0%	9.4%	6.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	966
Current ratio	–
Long-term debt (mil)	10,384
Net debt (mil)	10,417
Total equity (mil)	12,630
Net debt / equity	0.82x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	6,377	+5.1%	3.9x	21.89	−30.2%	1.3x	2.03	+18.7%	13.7x
2026	5,436	−14.8%	4.6x	28.79	+31.5%	1.0x	2.79	+37.5%	9.9x
2027	6,192	+13.9%	4.1x	31.69	+10.1%	0.9x	3.28	+17.6%	8.5x
2028	7,016	+13.3%	3.6x	31.85	+0.5%	0.9x	3.76	+14.7%	7.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	5,436	−0.1%	+1.3%	+5.0%	2.79	−0.8%	−0.3%	+10.4%
2027	6,192	+4.6%	+6.5%	+12.4%	3.28	+0.5%	+1.7%	+12.7%
2028	7,016	−12.4%	+11.9%	+10.5%	3.76	+1.1%	+3.9%	+14.4%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,053	1,086	1,104	1,157	1,109	1,105	1,186	1,259	1,264	1,329
Sales mean (mil)	1,089	1,089	1,107	1,150	1,107	1,101	1,167	1,252	1,271	1,311
Surprise	−3.3%	−0.3%	−0.3%	+0.6%	+0.1%	+0.3%	+1.6%	+0.5%	−0.5%	+1.4%
EPS reported	0.33	0.43	0.44	0.52	0.44	0.36	0.61	0.62	0.57	0.71
EPS mean	0.40	0.40	0.43	0.47	0.38	0.41	0.45	0.58	0.58	0.66
Surprise	−17.4%	+8.6%	+3.0%	+10.1%	+14.7%	−12.0%	+34.8%	+6.7%	−2.4%	+7.4%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
IVZ Invesco Ltd	12.2B	6.21x	−11.4%	0.97x	9.9x	8.5x	11.6x	10.5x
MS Morgan Stanley	288.4B	–	13.6%	2.49x	14.3x	13.5x	–	–
GS The Goldman Sachs Group, Inc.	260.5B	–	13.0%	2.08x	12.5x	12.0x	–	–
BLK BlackRock, Inc.	186.1B	–	22.9%	3.09x	19.8x	17.6x	14.4x	12.7x
SCHW The Charles Schwab Corporation	152.3B	–	30.4%	3.03x	13.7x	11.3x	24.3x	20.6x
IBKR Interactive Brokers Group Inc	131.0B	9.69x	9.4%	5.61x	28.5x	23.1x	30.0x	24.6x
Mean		7.95x	13.0%	2.88x	16.4x	14.3x	20.1x	17.1x
Median		7.95x	13.3%	2.76x	14.0x	12.8x	19.3x	16.7x

Technical analysis

1M−8.8%
3M−5.1%
1Y+19.5%
3Y+147.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Invesco Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	6,377	6,067	5,716	6,049	6,894	6,146
Cost of revenue	2,127	2,026	1,825	1,886	2,149	1,948
Gross profit	4,250	4,041	3,891	4,163	4,745	4,198
Selling, general & administrative expenses	3,113	3,164	2,986	2,760	2,960	2,884
Research & development	–	–	–	–	–	–
Depreciation/amortization	37.5	44.8	49.9	63.8	62.9	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	1,795	0	1,290	21.2	−65.9	393
Other operating expenses	0	0	0	0	0	0
Operating income	−696	832	−435	1,318	1,788	920
Net interest income (expense)	192	183	275	196	202	69.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	124	−10.2	−78.3	−266	510	79.3
Net income before taxes	−379	1,005	−238	1,248	2,500	1,069
Provision for taxes	−205	253	−69.7	322	531	262
Minority interest	−107	22.4	71.3	−4.8	−340	−45.9
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−282	775	−96.9	921	1,630	761
Extraordinary items	–	–	–	–	–	0.7
Net income	−282	775	−96.9	921	1,630	762
EBIT, normalized	1,124	980	856	1,339	1,722	1,314
EBITDA, normalized	1,280	1,159	1,038	1,534	1,928	1,517
Basic EPS, normalized	2.03	1.71	1.51	1.68	3.09	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Invesco Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,038	986	1,469	1,235	1,896	1,408
Receivables	885	741	702	802	878	850
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	166	149
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	676	814	919	922	775	840
Goodwill	8,477	8,318	8,692	8,558	8,882	8,916
Intangibles	3,927	5,749	5,848	7,141	7,228	7,306
Long-term investments	11,531	9,614	9,685	9,528	9,969	8,737
Note receivable	–	–	–	–	–	–
Other long-term assets	2,483	2,513	3,790	3,608	5,832	10,706
Total assets	27,094	27,009	28,934	29,757	32,686	36,504
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	897	830	861	835	776	1,601
Accrued expenses	1,498	1,484	1,334	1,341	1,352	1,293
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	9,378	7,092	8,611	8,078	9,421	8,797
Minority interest	774	1,109	1,318	1,629	1,183	659
Other liabilities	4,711	4,249	4,407	4,837	6,586	12,687
Total liabilities	14,863	12,449	14,336	14,543	17,190	22,142
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	113	113	113	113	113	113
Additional paid-in capital	7,269	7,335	7,452	7,555	7,688	7,811
Retained earnings (accumulated deficit)	5,887	6,990	6,827	7,518	7,169	6,085
Treasury stock	−2,826	−2,853	−3,003	−3,041	−3,044	−3,254
Other equity	1,788	2,974	3,209	3,068	3,569	3,606
Total equity	12,231	14,560	14,598	15,214	15,496	14,362
Total liabilities & shareholders' equity	27,094	27,009	28,934	29,757	32,686	36,504

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Invesco Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−175	752	−168	926	1,969	808
Depreciation, depletion & amortization	156	180	183	195	205	204
Deferred taxes	–	–	–	–	–	–
Non-cash items	1,650	74.4	1,371	266	−523	38.8
Changes in working capital	−106	184	−85.0	−684	−574	186
Cash from operations	1,525	1,190	1,301	703	1,078	1,236
Investing activities
Capital expenditures	−84.3	−69.1	−164	−193	−109	−115
Other investing cash flows	−890	138	−80.0	−183	−739	−750
Cash from investing	−974	68.4	−244	−376	−848	−865
Financing activities
Financing cash flow items	20.6	−51.1	−54.4	424	−192	−122
Cash dividends paid	−582	−608	−595	−572	−544	−594
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	412	−1,002	63.7	−820	854	430
Cash from financing	−150	−1,662	−585	−967	117	−286
Foreign exchange effects	82.4	−32.4	26.4	−73.7	−39.7	53.3
Net change in cash	484	−436	498	−713	308	138
Free cash flow	1,441	1,121	1,136	510	969	1,121

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.